European Automakers Face Crisis As Affordable EVs Needed To Meet Sales Rules, Avoid Losing Market Share
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European automakers must produce affordable, mass-market electric vehicles soon or face failing EV sales quotas and losing market share to cheap Chinese EVs.
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Current European EVs are unaffordable for average wage earners, with most starting around €30,000. Cheap Chinese EVs sell for under $10,000.
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EU regulations are forcing automakers to make EVs account for 80% of sales by 2030. Failure brings huge fines - £15,000 per non-EV sold in the UK.
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Experts say targets may be unattainable without cheaper EVs. Some call for relaxing rules to protect European automakers.
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If legislators don't convince automakers to make small, affordable EVs and help consumers buy them, Asian EVs could devastate European automakers.